Browse content similar to 27/10/2016. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Sally and World Business | :00:00. | :00:00. | |
Last chance saloon: The EU battles to save its free trade deal | :00:00. | :00:22. | |
with Canada and rebuild its credibility. | :00:23. | :00:23. | |
Plus, how deep is the black hole at Deutsche? | :00:24. | :00:26. | |
We await news of massive losses at the bank the IMF has called | :00:27. | :00:29. | |
Also in the programme: Samsung's smartphone earnings plunge. | :00:30. | :00:46. | |
We'll have the latest from Rico in Singapore. | :00:47. | :00:51. | |
So we start in Brussels, where this man, the Prime Minister | :00:52. | :00:55. | |
of Canada, Justin Trudeau, was due to sign a major free trade | :00:56. | :00:58. | |
That was the plan, the reality is that as of last night the deal | :00:59. | :01:06. | |
was still being blocked by regional parliaments in Belgium and talks | :01:07. | :01:09. | |
to break the deadlock will resume shortly. | :01:10. | :01:13. | |
It's hugely embarrassing for the EU, which has been struggling to show | :01:14. | :01:16. | |
unity and restore its credibility after Britain's Brexit vote. | :01:17. | :01:24. | |
Let's just remind you what's at stake with this deal and it's | :01:25. | :01:27. | |
called the Comprehensive Economic and Trade Agreement, | :01:28. | :01:29. | |
or CETA for short, and it aims to eliminate 98% of tariffs | :01:30. | :01:33. | |
That could save EU exporters more than $500 million every year. | :01:34. | :01:42. | |
Supporters say the deal would increase trade by some 20%, | :01:43. | :01:44. | |
However, critics say it would give too much power to big business. | :01:45. | :01:53. | |
They are worried EU regulations on product standards would be | :01:54. | :01:56. | |
weakened and that multinationals would be able to sue governments | :01:57. | :01:58. | |
It's taken seven years of talks to get to this point and 27 | :01:59. | :02:10. | |
out of 28 EU governments want to sign the agreement. | :02:11. | :02:18. | |
But Belgium cannot back the deal because three of their regional | :02:19. | :02:21. | |
parliaments in French-speaking parts of the country are blocking it. | :02:22. | :02:24. | |
The row demonstrates just how hard it might be for the UK to do | :02:25. | :02:29. | |
a post-Brexit trade deal with an EU that has | :02:30. | :02:32. | |
On Thursday Canada's trade minister could scarcely hide her frustration. | :02:33. | :02:38. | |
Today, 27 and half of the member states of Europe do support CETA. | :02:39. | :02:41. | |
As we have said on many occasions, and as I am very happy to repeat | :02:42. | :02:48. | |
today, this is an excellent agreement. | :02:49. | :02:50. | |
It's an agreement that as the Prime Minister has just said | :02:51. | :02:53. | |
in the House of Commons, we made significantly more | :02:54. | :02:56. | |
progressive since we came into office. | :02:57. | :02:59. | |
I am not - I'm going to disappoint the journalists here - | :03:00. | :03:03. | |
I am not at this time going to deal in hypotheticals. | :03:04. | :03:08. | |
As of this moment, the summit remains on Europe's agenda | :03:09. | :03:11. | |
If there is a deal to sign tomorrow, Canada will be there. | :03:12. | :03:24. | |
But as we have said, the ball today is in Europe's court. | :03:25. | :03:27. | |
Charles Lichfield covers Europe for the political risk consultants | :03:28. | :03:30. | |
Good morning. What you think will happen? There are still negotiations | :03:31. | :03:42. | |
going on and you can imagine we will wait for the deal is to be signed. | :03:43. | :03:46. | |
They could also decide not to sign the deal and the negotiations go on | :03:47. | :03:50. | |
for the next two months. But it is quite likely that Europe manages to | :03:51. | :03:56. | |
get the CETA deal. Question for me is now whether any other partners | :03:57. | :04:04. | |
will be willing to engage in serious negotiations, knowing that every | :04:05. | :04:08. | |
single parliament will have a say and be able to bring in their local | :04:09. | :04:12. | |
politics. That is the big question now, given the experience Canada has | :04:13. | :04:17. | |
had. What does this mean for future trade agreements with the EU? It | :04:18. | :04:21. | |
will be difficult. The fashion for trade agreements is to have | :04:22. | :04:24. | |
complicated agreements that don't have the removal of tariffs, but | :04:25. | :04:29. | |
also remove a number of nontariff barriers and also have a | :04:30. | :04:32. | |
concentration on investment and providing assurances to investors. | :04:33. | :04:38. | |
That's what is at stake here. In the future I don't think the Americans | :04:39. | :04:44. | |
are going to be especially confident. Similar for what will | :04:45. | :04:51. | |
happen with UK- EU relations. There will have to be a comprehensive | :04:52. | :04:55. | |
trade deal eventually wants the UK has left and I don't think | :04:56. | :04:58. | |
Parliament will be completely sidelined on this. TTIP has been | :04:59. | :05:07. | |
under discussion for a long time and there has been a lot of protest | :05:08. | :05:10. | |
about that as well, certainly in Brussels and elsewhere. How does | :05:11. | :05:14. | |
Brussels move forward? How does the European Commission and European | :05:15. | :05:19. | |
ministers go forward? If they have this kind of situation every time | :05:20. | :05:24. | |
they try to broker a trade deal if -- it will take them years if not | :05:25. | :05:28. | |
longer and it will be very difficult. I think the commission is | :05:29. | :05:32. | |
learning that they can't just argue trade is good and therefore we must | :05:33. | :05:35. | |
sign the deal is, they are starting to learn that the need to provide | :05:36. | :05:41. | |
more assurances and offer some protections for Europeans. We | :05:42. | :05:45. | |
already saw on Thursday and Friday a conversation about not just free | :05:46. | :05:51. | |
trade but also protection measures, or tariffs that are specially | :05:52. | :05:55. | |
targeting other countries which have managed to use price dumping. So I | :05:56. | :06:00. | |
think they will try to be more flexible and rapid free trade with | :06:01. | :06:04. | |
policies that protect some European businesses. Thanks for your time | :06:05. | :06:12. | |
this morning. When we get news of any movement with that today we will | :06:13. | :06:14. | |
keep you across it on the BBC. We are also looking | :06:15. | :06:16. | |
at the bank the IMF called Germany's biggest lender | :06:17. | :06:19. | |
Deutsche Bank announces results Analysts think it could have | :06:20. | :06:24. | |
lost some $660 million, that's a third of $1 billion, | :06:25. | :06:29. | |
in the past three months. Deutsche bank results are due to be | :06:30. | :07:42. | |
released in just over half an hour. We will update you when we get the | :07:43. | :07:46. | |
numbers and we will have expert analysis as well. The other company | :07:47. | :07:51. | |
out with its latest earnings is Samsung. | :07:52. | :07:52. | |
Samsung Electronics has vowed to recover quickly | :07:53. | :07:56. | |
after the disastrous set of financial results. | :07:57. | :07:58. | |
It has reported a 30% plunge in operating profits in the past | :07:59. | :08:01. | |
three months, in line with the warning it gave | :08:02. | :08:04. | |
It's no surprise of course, after the company was forced | :08:05. | :08:10. | |
to recall its flagship Galaxy Note 7 smartphones following a spate | :08:11. | :08:15. | |
Those images went worldwide and all but wiped out its pockets from the | :08:16. | :08:28. | |
mobile phone division, which has been the main driver of its success | :08:29. | :08:30. | |
in recent years. Rico Hizon is following this | :08:31. | :08:30. | |
for us in Singapore. We knew the news was going to be | :08:31. | :08:39. | |
bad, this is pretty grim, isn't it? It is. Samsung's what online has | :08:40. | :08:48. | |
been somewhat burdened by the Galaxy Note 7 scandal and it has written | :08:49. | :08:53. | |
off about $5 billion in recall expenses and lost sales, but the | :08:54. | :08:57. | |
company says it is confident things will pick up in the next quarter and | :08:58. | :09:01. | |
if you take a look at the stock price it seems the market agrees. It | :09:02. | :09:08. | |
is up today by almost 2%. We spoke to someone from the company grew -- | :09:09. | :09:16. | |
Quest Factory and he said it was almost behind them, except for one | :09:17. | :09:19. | |
issue. We don't really know what happened and Samsung haven't said | :09:20. | :09:23. | |
what happened, which implies to me they don't know exactly what | :09:24. | :09:27. | |
happened. Beyond that I think of of this is behind us, based on what we | :09:28. | :09:32. | |
currently know. They've done the recall, they've taken the charge. | :09:33. | :09:40. | |
The uncertainty is that there are some notes seven customers who are | :09:41. | :09:44. | |
holding out for a better deal and have asked for a roadmap. They want | :09:45. | :09:52. | |
to stay with the Note family, so it will continue. Samsung has said | :09:53. | :09:58. | |
that. They say they will re-examine every aspect of the Galaxy Note 7, | :09:59. | :10:02. | |
hardware, software, to determine what led to the phone's | :10:03. | :10:06. | |
cancellation. Thanks a lot. Good to see you. If I | :10:07. | :10:13. | |
say goodbye, the chairman of India's Tata Group warns the company might | :10:14. | :10:17. | |
have to write off investments worth some $80 billion. This is in a | :10:18. | :10:23. | |
letter to the board. -- $18 billion. He said he became a lame duck | :10:24. | :10:28. | |
chairman due to constant in -- interference. Tata said it currently | :10:29. | :10:33. | |
had no response to these allegations. We will be deeper into | :10:34. | :10:38. | |
these allegations in a few minutes. There are a lot of stories I haven't | :10:39. | :10:43. | |
been able to mention today. Kessler making progress and Snapchat may go | :10:44. | :10:52. | |
into flotation next year. -- Tesla. Goodbye for now. | :10:53. | :11:03. | |
Sally will be joining me lately for the papers full -- joining me soon | :11:04. | :11:07. | |
for the papers. Scientists say every child should be | :11:08. | :11:08. | |
screened for an inherited form of heart disease when they | :11:09. | :11:11. | |
have their routine jabs. | :11:12. | :11:15. |